Six-Unit Apartment
For Sale
$650,000
25 Howe Street, Lewiston, ME 04240
Six residential units with separate layouts and off-street parking in an established in-town setting.
Property Size5,436 SF
Price / SF$119.57
Days on Market35
Property Features for 25 Howe Street
General Information
Standard status
Active
Size
5,436 SF
Property subtype
Multi-family
Lease Term
[]
Additional Details
Public Transit
Yes
Multifamily Units
6
Building Details
Year Built
1906
Listing Agency:
Portside Real Estate Group
(207) 751-0656
Listed By:
Elisabeth Cardali
(207) 751-0656
Source:
Portsiderealestategroup
Added: Jul 26
Changed: Aug 28
Last Checked: Aug 26 at 1:07PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Portside Real Estate Group
Investment Insights
Based on property information with market context.
This 5,436-square-foot apartment property contains six residential units with separate layouts and off-street parking. Built in 1906, the building combines an older construction date with a multi-unit configuration suited to residential rental use.
The property is located at 25 Howe St in Lewiston, close to downtown, hospitals, shopping, restaurants, schools, and public transportation. Major employers are also nearby, providing convenient access to employment centers within the surrounding area.
The property is located at 25 Howe St in Lewiston, close to downtown, hospitals, shopping, restaurants, schools, and public transportation. Major employers are also nearby, providing convenient access to employment centers within the surrounding area.
Key Highlights
- Six residential units in a 5,436‑square‑foot apartment property
- Built in 1906
- Separate unit layouts
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$50,940
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.84%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,018,800
$1.0M
Cap Rate 7%
$727,714
$727.7K
Cap Rate 9%
$566,000
$566.0K
Market Conditions
NOI Build-Up for 5,436 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$93.9K $17.28/SF
− Vacancy
−$1.3K −$0.24/SF
EGI
$92.6K $17.04/SF
− OpEx
−$41.7K −$7.67/SF
NOI
$50.9K $9.37/SF
Area
Androscoggin County, ME
Vacancy
1.40%
Lease Rate
$17.28 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,018,800
Cap Rate 7%
$727,714
Cap Rate 9%
$566,000
Alternative Uses
Best Use
Apartment 5plus
$727.7K
$636.8K – $849.0K
NOI $50,940 @ 7.0% cap · market cap 7.84%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$9.65M
$8.45M – $11.26M
NOI $675,832 @ 7.0% cap · market cap 103.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Location Intelligence
Trade Area within ½ mile
2,273
Businesses Nearby
Explore this area
Business Placement
Demographics for 04240, ME
37,121
Population
16,852
Households
2.2
Avg Household Size
38
Median Age
22%
College-Educated
90%
High-School Grad
34.1 sq mi
ZIP Area
1,089
Density / Sq Mi
$56,558
Median Household Income
$36,734
Median Earnings
$954
Median Rent
$214,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Six residential units with separate layouts and off-street parking in an established in-town setting.
Where is this apartment building located?
The property is located at 25 Howe Street Lewiston, ME.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Six residential units in a 5,436‑square‑foot apartment property; Built in 1906; Separate unit layouts
